On the outset , we agree that decision making where money is concerned is not an easy process . In investment circles , the phrase “ taking money off the table ” is meant to tell investors to diversify their investment or convert some of their shares in a company or on the stock market into cash in case of any negative eventuality that may reduce the value of their shares .
This is not what we will be addressing in this issue . We will be addressing the element of money / compensation in the decision making process .
From the employee platform
When one is tired of their current job and they are hunting around for greener pastures , the major element involved is the salary at the end of the month that lands in the account . It is a good measure because it is meant to reflect how much one ’ s labor is worth and it should never be downplayed . If it is not given the seriousness it deserves , the likelihood of being undercompensated and being overworked is really high .
It should however , not be the only factor under consideration . It can be very blinding and that is why we recommend that it be the last point of discussion even when being head hunted . By the time a head hunter is coming to you , they already know your capacity to deliver to their client or to themselves if it is a direct hunt . Most of them will therefore bait you with the salary and perks .
You need to calculate your worth by considering several factors including : The value of your time , your skillset , your experience , what you give as value add to your employers and how much you believe you will improve the company by . As an employee , you are an asset and you should treat yourself as that . Expensive shops are not quick to tag their displays and if they do , it is very easy for one to confuse the price tag with the product code , not to mention the microscopic size of the label used as a price tag .
The benefit to this approach in negotiating for a job , no matter the level of desperation , is that you get to throw the recruiter off balance . What in essence it does , is that you take the bargaining chip ( how much they are willing to pay for your services ) off the recruiter ’ s hand and you get them to concentrate on how much value you will offer them by joining their organization .
It requires skill however . When bills and financial pressures are glaring down and screaming to be heard in such a meeting , it takes all the strength that one can marshal within self to quieten them . One needs to do their homework well on the recruiting company to ensure that they don ’ t trap themselves .
As an example , we draw from the real life experience of a brand manager who was bored with her job and was looking for a challenge . She had grandly positioned herself as authorities in their industry and at one point when a potential competitor came into the country , they chose to consult this brand manager . She was generous with general information on the industry which would have taken the competitor ages to gather and be pricy if they engaged a researcher .
The competitor went on to come into the country in a small way that was not threatening to the company . Unfortunately , they did the very thing that the brand manager had warned them to look out for and when they were unable to penetrate the market , they booked several breakfast and lunch sessions with the brand manager trying to woo her out of the company to become their General Manager in charge of the regional operations .
Lucrative as it was , with all benefits quoted to her in a very flowery manner , the brand manager discussed a lot with the new entrant but every time they went to mention the compensation , she told them that was irrelevant . What was key is whether she could help them or not .
Eventually she declined their offer . Not that it was a bad one , in fact it was an awesome dream come true . The problem was that with all the mistakes made at the start of operations , and the high expectations of the investors , she would have gotten herself into a quagmire and would not have lasted 6 months in that job .
Every time a decision that has to do with your job needs to be made and money is involved , imagine yourself sitting in a boardroom with a briefcase full of cash staring right at you and the people who you love and who love you , hurdled in a corner waiting for you to make the right decision about what is most important for them . What will your decision be ?
As an entrepreneur
As an entrepreneur , that decision is quite different but the principle remains the same . Here is another life experience . A very enterprising gentleman started and grew a weekly publication carrying low cost adverts with free circulation . At the start he was not a threat to anyone . Until he started printing a simple statement at the front of his 4-page , A3 size print “ Circulated Free . Reaching more than 1,000,000 customers weekly .” The next thing he knew was being called by a leading publisher who had begun feeling the loss of business for one of his publications .
A meeting followed where money was put on the table in a buyout proposal . In the initial meetings , the enterprising young man was resistant to sell his dream which he was sure he could take to very great heights ; until he was slipped a paper written in seven digits with the dollar sign in front of it as the last offer for the buyout . Next to the paper was a contract .
Sitted across the room was a finance manager who was ready to press a button to approve the wire transfer and immediately the young man signed the contract and the money was wired to the account in completion of the deal . The giant publisher killed the publication 1 month later and what the young man did not know when he signed the contract was that he had also signed that he would not start another publication for 5 years after he had sold all his company .
Within the 5 years , his concept was taken and replicated to be a multi-million dollar idea that transcended borders of the trading bloc . He sold his dream for good money , but he sold it too early and due to the nature of the contract , he could not come back to the industry .
When money is on the table , clarity is lost and vision melts into thin air . Take note not to make critical decisions with the fundamental base being money .
Join us on our blog Marketplace Influencer for more tips for the Esteemed Professional @ wangarimaina
For more insights on decision making we recommend the book
“ Decision Making How to Become Decisive and Quickly
Move Forward In Life by Making the Correct Decisions ”
By Brian Ledger
Esteemed Magazine
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